Policies & Procedures Manual - Elizabeth City State University

400.1.55Adopted: 06/14/05ELIZABETH CITY STATE UNIVERSITYTagging AssetsObjectiveMaintaining a positive identification of assets is the primary purpose of tagging. Tagging isimportant to:(1) Provide an accurate method of identifying individual assets,(2) Aid in the periodic inventory,(3) Control the location of all physical assets(4) Aid in maintenance of fixed assets, and(5) Provide a common ground of communication forboth the accounting department and the assets' users.General InformationGenerally, all fixed assets are tagged. The tag number is entered in the asset record at the point oftagging. Fixed assets or assets with an acquisition of cost of $500 or more have BLUE tags ordecals. Assets with an acquisition of cost of less than $500 are not considered fixed assets,however, they are tagged with RED tags for control purposes, i.e. desk calculators and lamps.No Tag Assets"No Tag" Assets - Some assets, such as buildings, carpeting, and land are not tagged. The assetnumber is still recorded in the Fixed Assets System, but not physically attached to the asset. Adescription of the property is recorded including address and plat location found in the Registerof Deeds. Items not needing a tag are:• Buildings (record legal description should be in the asset record),• Carpeting (record building and room location should be in the assetrecord),• Land (record legal description should be in the asset record)